Led by BANKTrack, the Berne Declaration, Greenpeace Switzerland,
Pacific Environment, Platform, Sakhalin Environment Watch and
Rainforest Action Network, NGOs are calling on Credit Suisse First
Boston (CSFB) to end its relationship as financial advisor to Sakhalin
II, the oil and gas mega-project led by Shell. Independent scientists
believe this project could push the last 100 western North Pacific gray
whales to extinction and the indigenous people of Sachalin are claiming
that it threatens their livelihood.

Today the Berne Declaration, Greenpeace Switzerland and Sakhalin
Environment Watch held a peaceful protest outside the headquarters of
Credit Suisse Group on Zurich Paradeplatz, whose centre of attention
was an 18 meter long inflatable whale. In Sachalin on the shore of
Aniva Bay, in the construction area for a Liquid Natural Gas plant
under construction, a picketing action was launched today against
dredging and spoil dumping being carried out by Shell and Sakhalin
Energy Investment Company. The protests will continue tomorrow in New
York City, where Pacific Environment and Rainforest Action Network will
protest in Madison Square Park directly across the street from the New
York headquarters of Credit Suisse First Boston (CSFB).

In the press conference in Zurich today, Stefan Füglister from
Greenpeace stressed the danger that Sachalin II brings to the gray
whales: «Additional whale deaths due to the oil industry have the most
serious consequences for the population. The loss of one additional
female per year would be sufficient to drive the population towards
extinction with high probability.» Alexander Solovev, the Coordinator
of Field Projects of Sakhalin Environmental Watch witnesses the
negative effects the construction of the onshore pipeline has on the
indigenous population of Sachalin whose livelihood is depending on
fishing and reindeer herding. «For most of the 1100 water crossings,
the method of wet trenching is used, This can result in massive
sedimentation that can destroy downstream spawning beds and other
aquatic habitat», said Alexander Solovev.

Credit Suisse First Boston is the financal advisor of Sakhalin
Energy Invesment Corporation, the Bermuda based consortium dominated by
Shell. Therefore the bank is at the moment in a key position. Most
probably CSFB will try to put together a credit consortium for Sachalin
II of other commercial banks in the coming weeks. «Credit Suisse has
signed on to the Equator Principles, a set of guidelines for
environmentally and socially responsible project finance. Their role in
the financing of Sachalin II prooves that there is a lack of
implementation of the principles at Credit Suisse. If Credit Suisse
wants to live up to their claim that they want ‘ to contribute to
sustainable development by acting in an environmentally responsible
manner', the bank should end its mandate for Sachalin II», said Andreas
Missbach, banking expert at the Berne Declaration.